Global cereal production forecast in 2024 is similar to 2023; cereal trade decreases

The forecast for global coarse grain production in 2024 has been revised down to 1,523 million tonnes, down 7 million tonnes from the July forecast and now 9.4 million tonnes (0.6%) below the 2023 forecast. The forecast for production is downgraded due to the impact of hot and dry weather conditions in the European Union, Mexico and Ukraine, which have reduced yields. The negative impacts of the conflict in Ukraine also continue to take a toll on agricultural production. Barley production forecasts in Canada and the European Union are downgraded due to the negative impact of above-average temperatures on crop yields, which has also reduced the forecast for sorghum yields in the United States, which has reduced the forecast for production. In contrast, the forecast for US corn production has been revised up significantly as favorable weather conditions are supporting better yield prospects; However, maize production is still forecast to fall short of the 2023 level. The 2024 world ...